‘Gold continues to tread water post the Federal Open Market Committee minutes, probably the highlight of a very light data week.’ – Jeffrey Halley, OANDA (based on Reuters)
Pair’s Outlook
The yellow metal remains near the 1,235 mark, and near that level the bullion has been fluctuating for the past six consecutive trading sessions. However, the flat trading is consistent with the forecasts, as the bullion continued to be squeezed in a medium term triangle pattern. A breakout to the upside is expected in the upcoming trading sessions, and it is most likely to occur at the start of next week. In such case it is highly likely that the metal’s price would reach the 1,250 mark.
Traders’ Sentiment
SWFX traders remain bullish on the metal, as 56% of open positions are long on Thursday. In addition, 62% of trader set up orders are to buy the metal.
